War making and its likely after effects driving commodities
So now it is not only the inflation that the Fed and other CBs created in 2020. It is not only the pandemic related supply constraints (vs. inelastic demand). It is also the upheaval in Eastern Europe and around the world driving the commodity bus.
CRB index, driven by crude oil, assertively and definitively boinked the long-standing NFTRH target of 270+ yesterday and is up again today.
To boot, look who’s getting back with the (inflationary) program. I would ask however, who’s the cart and who’s the horse? It is entirely possible, if not probable, that the big blast in commodities is renewing inflationary angst around the world with the triple threat of the Fed’s legacy inflation, the pandemic’s supply/demand distortions and now that shirtless a-hole invading Ukraine.
Speaking of a-holes, I can hardly wait for the ‘commodity super cycle’ pumpers to reach full volume. 2022 is gonna be <understatement alert> interesting, folks.
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